ISLAMABAD: A high-level delegation comprising various Saudi investors landed in Islamabad on Sunday to hold talks on trade and investment in Pakistan, as directed by Crown Prince Mohammed Bin Salman. 

Federal Minister for Petroleum Musadik Malik and Minister for Commerce Jam Kamal received the 50-member delegation comprising representatives of about 30 companies. 

The delegation is set to hold discussions with Pakistani officials regarding various investment in diverse sectors for the promotion of bilateral trade and strengthening business ties with local entrepreneurs.

Malik had said that 76 Pakistani business companies had been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels.

He said that talks will place on the federal level regarding petroleum, electricity and oil refining sectors, adding that about eight to 10 projects worth $8-10 billion will also come under discussion.

“Projects from $500 million to $1 billion will also be included in the discussions,” the minister had said.

He added that the discussions would also include modernisation of the refinery.

The delegation’s arrival in Pakistan is followed by Prime Minister Shehbaz Sharif’s recent visit to Saudi Arabia to attend the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy.

During his visit, the premier also met Saudi Crown Prince Mohammed bin Salman to discuss cooperation in various sectors and also held a meeting with Saudi Minister of Commerce Dr Majid bin Abdullah Al-Qasabi.

In his meeting with the minister, PM Shehbaz said that the economic ties between Islamabad and Riyadh had entered a new era as both countries were set to take concrete measures to boost the volume of bilateral trade.

The Saudi minister said that the Kingdom was prioritising trade and investment in Pakistan, adding that a delegation of Saudi businessmen, traders and investors would soon visit the country.

Last month, a high-level delegation from Saudi Arabia led by Foreign Minister Prince Faisal bin Farhan bin Abdullah had also visited Islamabad on a two-day visit aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership.

The delegation consisted of Saudi Minister of Water and Agriculture Engineer Abdul Rahman Abdul Mohsen Al-Fadley, Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef, Deputy Minister of Investment Badr AlBadr, Head of Saudi Special Committee Mohammad Mazyed Al Towaijri, and senior officials from Ministry of Energy and Saudi Fund for General Investments.